Ian Watt: Hi good afternoon it's Ian Watt
in Downtown Vancouver. What were starting to see in Downtown Vancouver
is a lot of pre-sales coming back but the cost of construction, the
price of the land and just the profit margins are just not there so
everything has escalated the price per square foot is through the roof
and doesn't make financial sense to purchase unless it's Waterfront or A
Class building. But what they're building this days seem to be all B
class buildings in B or C Class locations. So this is very interesting
when you look at all the commissions offer to all the realtors and keep
in mind this has been a tough year for a lot of realtors in Downtown
Vancouver. All the commissions for realtors who bring their clients in
to buy a pre-sale are pretty much double their double there's big
incentives, there's strips, there's a lot of money instead of like an
eight, ten, fifteen thousand dollar commission were thinking thirty
thousand dollars. It's a lot more money than this people are going to
make by buying this properties and trying to flip them that's for sure
cause those days are dead. So this is just another indicator that
pre-sales in Downtown Vancouver are just not where is at. Bend your
money in the product that already there or save your money until this
projects are complete let somebody else make the mistake. My name is Ian
Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great!